Save Foods Prepares for Successful Citrus Season in Turkey

Rhea-AI Summary

Save Foods (NASDAQ: SVFD) has announced a successful start to the 2022-2023 citrus season in Turkey with Kalyoncu, a major exporter responsible for about 22% of Turkey’s fresh produce exports, placing its first order for eco crop protection treatments. The company anticipates generating approximately $1 million from treating at least 70,000 tons of fruit during this season. Due to stricter EU regulations on pesticide residues, Save Foods aims to help Turkish exporters meet these standards and expand their market presence.

Positive

• Kalyoncu's first order for the upcoming season signifies strong partnership potential.
• Expected sales of approximately $1 million from treating 70,000 tons of fruit.
• Save Foods' eco treatments help ensure compliance with stringent EU pesticide regulations.

Negative

• Dependence on Kalyoncu's performance may pose risks if expectations are not met.

Kalyoncu, which exports approximately 22% of Turkey’s fresh produce, submitted their first order for the upcoming season

Kalyoncu previously forecasted it will purchase $1M+ of Save Food’s treatments in the 2022-2023 season

Neve Yarak, IL, July 28, 2022 (GLOBE NEWSWIRE) -- Save Foods, Inc. (NASDAQ: SVFD) (FSE:80W) (“Save Foods” or the “Company”), an agri-food tech company specializing in eco crop protection that helps to reduce food waste and ensure food safety, today announced preparations are underway for a successful 2022-2023 citrus season in Turkey, beginning in September. Kalyoncu Nakliyat Turizm Ticaret ve Sanayi Limited Şirketi (“Kalyoncu”), one of Turkey’s top exporters of fresh produce and currently responsible for approximately 22% of Turkey’s fresh produce exports, according to information contained on Kalyoncu’s website, has placed its first order for the upcoming season. Kalyoncu, having previously completed a successful pilot program with Save Foods, expects to treat at least 70,000 tons of fruit with Save Foods’ eco crop protection solutions during the upcoming 2022-2023 season, which would result in approximately $1 million in sales.

“Russia has historically been Turkey’s main market for mandarins, and 52% of all Turkish citrus fruits were supplied to Russia in 2020,” commented Dan Sztybel, CEO of Save Foods' Israeli subsidiary. “Due to the ongoing conflict between Russia and Ukraine, these exports are now being diverted to other markets, such as the EU.” As we have reported previously, regulations regarding pesticide residues on produce are becoming increasingly stringent in the EU and other markets, and some of the leading European supermarkets require products to comply with a residue level of 50% or less of the legal limit. That is where Save Foods comes in. We believe our eco crop protection treatment will help our Turkish customers further expand their presence in the EU, primarily by allowing them to comply with the otherwise stringent regulations they did not encounter so far. We are thrilled to start the citrus season in Turkey with one of our local partners, Kalyoncu and we see significant potential in working with them on other produce such as bell peppers and cherries that Save Foods treatments showed great results with.”

Data from the first quarter of 2022 from the European Rapid Alert System for Food and Feed (RASFF) reveals that Turkey accounted for 60% of all rejections of fruits and vegetables by the EU (Turkey accounted for 180 alerts out of the 298 reported for all countries outside the EU) due to them containing residues of banned pesticides.

“Turkey was the EU’s main non-EU supplier of citrus fruits during the first quarter of 2022, leveraging its high trade capacity, good taste in citrus fruit, and short distance between the EU and Turkey,” added Sztybel. “I believe as we kick off the citrus season in Turkey, we are in a great position to help mitigate the impact of these strict requirements on exporters.”

About Save Foods:

Save Foods is an innovative, dynamic company addressing two of the most significant challenges in the agri-food tech industry: food waste and loss and food safety. We are dedicated to delivering integrated solutions for improved safety, freshness and quality, every step of the way from field to fork. Collaborating closely with our customers, we develop new solutions that benefit the entire supply chain and improve the safety and quality of life of both the workers and the consumers alike. Our initial applications are in post-harvest treatments in fruit and vegetable packing houses processing produce including citrus, avocado, pears, apples, mangos and bell peppers.

By controlling and preventing pathogen contamination and significantly reducing the use of hazardous chemicals and their residues, Save Foods treatment not only prolong fresh produce shelf life and reduce food loss and waste, but they also ensure a safe, natural, and healthy product.

For more information visit our website: SAVE FOODS – SAVE FOODS

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, we are using forward-looking statements in this press release when we discuss, among other things, preparations for a successful 2022-2023 citrus season in Turkey, receiving an order from Kalyoncu and the size thereof, that our eco crop protection treatment will help Turkish customers further expand their presence in the EU, primarily by allowing them to comply with stringent regulations, the potential in working with Kalyoncu on other produce, and helping customers to mitigate the impact of strict requirements on exporters. Because such statements deal with future events and are based on our current expectations, they are subject to various risks and uncertainties. Actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including market conditions and the satisfaction of all conditions to, and the closing of, the offering, as well as those discussed under the heading “Risk Factors” in Save Foods’ annual report on Form 10-K filed with the SEC on March 31,2022, and in any subsequent filings with the SEC. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. We are not responsible for the contents of third-party websites.

Media Contact:
IR@savefoods.co

US Investor Relations: 
Dave Gentry 
RedChip Companies Inc. 
1-800-RED-CHIP (733-2447) 
Or 407-491-4498 
SVFD@redchip.com

German Investor Relations:
Dr. Eva Reuter
e.reuter@dr-reuter.eu

FAQ

What is Save Foods' stock symbol?

Save Foods is traded under the stock symbol SVFD.

How much is Kalyoncu expected to spend on Save Foods' treatments in the 2022-2023 season?

Kalyoncu is forecasted to purchase over $1 million of Save Foods’ treatments.

What percentage of Turkey's fresh produce does Kalyoncu export?

Kalyoncu exports approximately 22% of Turkey's fresh produce.

What are the expected sales from Save Foods for the upcoming citrus season?

Save Foods expects to generate approximately $1 million in sales from the citrus season.

How does Save Foods help Turkish exporters comply with EU regulations?

Save Foods provides eco crop protection treatments to meet stringent EU pesticide residue regulations.